The amount of Pepe [PEPE] that was not exchanged on April 7th had increased to 242.54 trillion. Comparing this increase to the number on March 12th, there was a noticeable increase.
Tokens departing exchanges for other locations indicate a possible lack of selling pressure. Additionally, it conveys the idea that those involved in the asset transfer are optimistic about the direction of the price.
Will the rise continue with the token?
In most cases, the price of the assets involved increases a few days or weeks after something like this occurs. PEPE might experience the same thing.
PEPE cost $0.0000072 at the time of publication. This figure showed that the memecoin was rebounding from its recent slump, showing a 7.93% increase over the previous day.
This kind of scenario bodes well for PEPE and those who anticipate a price rebound. We did discover, nevertheless, that the attitude around the token was not as optimistic as the signals previously mentioned.
Prior to this, on April 4th, the Weighted Sentiment increased to 0.60. Press time data, however, indicated that the reading had decreased and was about to enter the negative territory.
PEPE's bullish bias may be disproved if the metric keeps down since there may not be enough demand to cause a pump.
The old ones have surfaced
Next, the Mean Coin Age (MCA) was examined. By the time this was written, the MCA was 32.25. For those who don't know, the MCA monitors both short- and long-term investors' activities.
This measure gives one a sense of how people feel about a cryptocurrency.
A drop in the MCA indicates a large accumulation of fresh tokens. These tokens are often retired to a cold wallet, however a high MCA indicates that old-age tokens being moved around frequently.
If the high MCA in PEPE's case isn't eliminated, it can act as a roadblock to the price increase. Nonetheless, if old coins stop shifting, the price may stabilize and the recent losses may be erased.
Meanwhile, throughout the previous day, the token's volume rose. The value may disregard the short-term sentiment and reach $0.0000075 if the volume rises in tandem with the price increase.
If that's the case, PEPE may continue to rank among the top 50 cryptocurrencies. The memecoin was ranked 46th as of press time.
It wouldn't be surprising to see it enter the top 40 with a better price increase.
April 2024, Cryptoniteuae